GET DAILY SIGNALSCodere Online (CDRO) Delivers +31% Revenue Growth in Q3 2026
Key Takeaways
- Third quarter 2026 revenue rose 31% year over year to €62.6 million, driven by continued strength in Mexico.
- Adjusted EBITDA climbed 45% to €4.2 million from €2.9 million a year earlier.
- Gaming Win, the company's key operating metric, increased 30% to €67.1 million, with Mexico up 39% and now representing about 55% of the total.
- Net income reached €5.5 million for the quarter, while nine-month net income of €11.1 million compared with a €1.7 million loss in the prior-year period.
- The balance sheet remained debt-free, with roughly €66 million in total cash as of September 30, 2026.
- Full-year 2026 guidance was reiterated at €255 million–€265 million of Gaming Win and €20 million–€25 million of Adjusted EBITDA.
Putting the Quarter in Context
Codere Online, the online sports betting and casino operator focused on Spain and Latin America, is scaling rapidly at a pivotal moment for its industry. Mexico has become its largest and fastest-growing market, and the company's newly signed multiyear agreement to serve as the NFL's Official Betting Partner in Mexico gives it a powerful brand platform heading into marquee events. Investors are watching whether top-line momentum can translate into durable profitability as the business matures. This quarter's results offer an important read on operating leverage, customer acquisition efficiency, and management's ability to navigate rising gaming taxes in key jurisdictions. I also checked this using Tickeron’s AI Screener to see how the stock compares to others in the industry.
Breaking Down the Numbers
For the third quarter ended September 30, 2026, CDRO reported revenue of €62.6 million, up 31% year over year. Spain contributed €24.8 million, while Mexico generated €32.9 million. Gaming Win—the cash the company retains from settled wagers before taxes and other costs—rose 30% to €67.1 million. This quarter the company began presenting Gaming Win in place of the measure previously labeled Net Gaming Revenue, with historical figures unchanged.
Adjusted EBITDA increased 45% to €4.2 million, reflecting improving operating leverage as platform and personnel costs grew well below revenue. Net income was €5.5 million for the quarter, and €11.1 million for the first nine months, versus a €1.7 million loss in the year-earlier nine-month period. The company held approximately €66 million in cash and no financial debt. Management reiterated its full-year 2026 outlook of €255 million–€265 million in Gaming Win and €20 million–€25 million in Adjusted EBITDA. From what I see after reviewing the metrics, the shift to Gaming Win clarifies the picture without changing the underlying trends.
How the Market Responded
CDRO shares edged higher following the release, reflecting a generally constructive read on the quarter. The combination of accelerating revenue, strong Gaming Win growth, and reiterated full-year guidance supported sentiment, even as investors weighed rising gaming taxes in Mexico and elevated marketing spending. The transition from Net Gaming Revenue to Gaming Win added some reporting noise, but because historical figures were unchanged, the shift was broadly viewed as a clarification rather than a change in underlying performance. Sentiment remains tied to the company's ability to sustain high-value customer growth and convert scale into expanding margins.
What to Watch Going Forward
Looking ahead, CDRO enters a period rich with catalysts. The NFL partnership is set to activate around the 2026 NFL Mexico City game and Super Bowl LXI in February, which management expects to strengthen brand engagement in its largest market. Investors will be watching whether this translates into higher first-time deposits and improved customer value without an outsized rise in acquisition costs.
Costs and taxes remain central to the margin story. Gaming taxes in Mexico rose following the increase in place since January, and a further proposed hike in the federal gaming tax remains a structural consideration. Management indicated that full-year 2026 marketing spend will approach €100 million, with a plan to hold similar absolute euro levels in 2027 while targeting a lower percentage of Gaming Win—a signal of intended operating leverage.
Finally, regulatory and tax developments across Latin America, including the improved tax environment in Colombia, will influence regional profitability. Watching customer retention, spend per active customer, and the pace of Adjusted EBITDA growth relative to revenue will be key to assessing whether Codere Online's expansion continues to translate into bottom-line progress. I’m watching this closely as the NFL tie-in could provide a meaningful test of customer acquisition efficiency.
Exploring AI Tools for Stock Analysis
In my own research process, I frequently turn to Tickeron’s AI Screener when evaluating names like CDRO. The tool helps filter opportunities based on technical patterns, fundamentals, and AI-driven signals, making it easier to compare performance across sectors and spot ideas that align with broader market trends. It has become a practical part of how I cross-check operating metrics and peer comparisons without relying solely on manual reviews.
Disclaimer
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Contributor
Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.
CDRO in downward trend: price dove below 50-day moving average on October 28, 2026
CDRO moved below its 50-day moving average on October 28, 2026 date and that indicates a change from an upward trend to a downward trend. In 53 of 61 similar past instances, the stock price decreased further within the following month. The odds of a continued downward trend are 87%.
Technical Analysis (Indicators)
Bearish Trend Analysis
The Momentum Indicator moved below the 0 level on October 28, 2026. You may want to consider selling the stock, shorting the stock, or exploring put options on CDRO as a result. In 90 of 104 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are 87%.
The 10-day moving average for CDRO crossed bearishly below the 50-day moving average on October 29, 2026. This indicates that the trend has shifted lower and could be considered a sell signal. In 14 of 18 past instances when the 10-day crossed below the 50-day, the stock continued to move higher over the following month. The odds of a continued downward trend are 78%.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where CDRO declined for three days, the price rose further in 50 of 62 cases within the following month. The odds of a continued downward trend are 81%.
The Aroon Indicator for CDRO entered a downward trend on November 02, 2026. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
Bullish Trend Analysis
The Stochastic Oscillator suggests the stock price trend may be in a reversal from a downward trend to an upward trend. 50 of 59 cases where CDRO's Stochastic Oscillator exited the oversold zone resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are 85%.
Following a +5.05% 3-day Advance, the price is estimated to grow further. Considering data from situations where CDRO advanced for three days, in 185 of 239 cases, the price rose further within the following month. The odds of a continued upward trend are 77%.
CDRO may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.
Fundamental Analysis (Ratings)
The Tickeron Price Growth Rating for this company is 55 (best 1 - 100 worst), indicating steady price growth. CDRO’s price grows at a higher rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron Valuation Rating of 69 (best 1 - 100 worst) indicates that the company is slightly overvalued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (5.670) is normal, around the industry mean (3.369). P/E Ratio (-0.833) is within average values for comparable stocks, (1.457). Projected Growth (PEG Ratio) (0.000) is also within normal values, averaging (0.476). Dividend Yield (0.000) settles around the average of (0.012) among similar stocks. P/S Ratio (1.820) is also within normal values, averaging (1.692).
The Tickeron PE Growth Rating for this company is 98 (best 1 - 100 worst), pointing to worse than average earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron SMR rating for this company is 100 (best 1 - 100 worst), indicating weak sales and an unprofitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The Tickeron Profit vs. Risk Rating rating for this company is 100 (best 1 - 100 worst), indicating that the returns do not compensate for the risks. CDRO’s unstable profits reported over time resulted in significant Drawdowns within these last five years. A stable profit reduces stock drawdown and volatility. The average Profit vs. Risk Rating rating for the industry is 98, placing this stock worse than average.
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Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
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Industry CasinosGaming
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